When it comes to banking, the game has changed. Those who look to the physical model may be finding that there is an increasing push to the digital world. There are already banks like Tangerine and EQ that rely on solely off-site solutions for banking needs. Now though, even with conventional banks, people can obtain meetings online in forms such as video banking. In the following article, we will explore why there has been a digital transformation in banking and financial services as well as the importance of digital transformation in banking and financial services.
Signs of the Times
One of the reasons that digital modalities are emerging is COVID-19. Now, even banks that were reluctant to offer services online will do video banking. Additionally, there has been technology disrupters in place for a while that will inevitably change banking. For example, Artificial Intelligence can work on sites where a chatbot is all that is needed for simple questions and answers. Banks already have been turning to menus that are partially automated by AI. In just four years between 2015 and 2019, there was an almost 50% increase in the use of fintech according to an EY report. This means that even before COVID-19 protocols, the technology was getting ready and adapted to the financial marketplace.
